Forex Market Updates & Commentary |  |
- US Consumer Confidence rises to 52.5
- EURUSD comes down to test 1.3437
- GBPUSD support at 1.5090 being tested
- The NY Morning Commentary is available for viewing
- US Case Shiller Home Price Index due at 9:00 AM
- Feds Evans on the newswires
- AUDUSD moves above the key resistance
- GBPUSD tests midpoint resistance at NY open
- The March 30th 2010 NY Opening Forex Commentary is available for viewing
- Sterling testing high from 3/23
- UK GDP and Current Account
- Gbp/Usd trades above 200 hour M/A
- UK Nationwide House Price Index
- 3-30 Economic Calendar
- Japanese Prelim Industrial Production m/m
| US Consumer Confidence rises to 52.5 Posted: 30 Mar 2010 07:01 AM PDT This is better than expectations |
| EURUSD comes down to test 1.3437 Posted: 30 Mar 2010 06:55 AM PDT
The EURUSD fell to a low of 1.3441 just above the support at the 1.3437 level. The 1.3437 level was the low price from March 2nd 2010 and until last week that was the low for 2010. The price used the level as support yesterday and it looks like it is continuing to use the level as support again today.
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| GBPUSD support at 1.5090 being tested Posted: 30 Mar 2010 06:33 AM PDT
The GBPUSD support continues to be at the 1.5090 level. This is the 50% retracement of the last move down from the March 17th high to the low. The market has squeezed up to a high of 1.5112 and the price has trended higher for most of the trading day today. As long as support can hold against the level, the bias remains to the upside. If the level gives way look for support initially at the 1.5070 and 1.5063 where the 100 bar MA on the 5 minute chart is found.
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| The NY Morning Commentary is available for viewing Posted: 30 Mar 2010 06:20 AM PDT |
| US Case Shiller Home Price Index due at 9:00 AM Posted: 30 Mar 2010 05:51 AM PDT The expectation is for composite to decline by -0.7% vs -3.1% YoY. This would be the lowest level YoY reading since February 2007. The low YoY came in at -19.01% in January 2009. |
| Posted: 30 Mar 2010 05:38 AM PDT Says jobless drop with momentum before accomodative stance ends. |
| AUDUSD moves above the key resistance Posted: 30 Mar 2010 05:34 AM PDT
The 0.9194 level has been a ceiling level for the AUDUSD. The price has moved above this level and remained above for the last 7 hours. This is key support today. Looking at the 5 minute chart the price has been using the 100 bar MA as support since the opening on Sunday night (with a couple small dips). The current level comes in at the 0.9197. SO far, support is holding. However, a break below these key levels at 0.9197 and 0.9194, should lead to some profit taking. Confirmation of further downside momentum would come on a break of the 200 bar MA on the 5 minute chart (green line below) . That level comes in at the 0.9184 level.
On the topside the resistance comes in at the 92.29 level where the trendline on the daily chart is found.
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| GBPUSD tests midpoint resistance at NY open Posted: 30 Mar 2010 05:02 AM PDT The GBPUSD has been testing the 50% retracement level at the 1.5090 level. NY took it briefly above as they entered for the day. The high reached 1.5100 and came off. The current price remains near the key resistance level. I expect sellers against the level with stops above the key level. On the downside, the 1.5051 is the target support. This is the 38.2% of the days range and where the 100 bar MA on the 5 minute chart is moving towards.
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| The March 30th 2010 NY Opening Forex Commentary is available for viewing Posted: 30 Mar 2010 04:41 AM PDT |
| Sterling testing high from 3/23 Posted: 30 Mar 2010 03:00 AM PDT Gbp/Usd, which was boosted by positive GDP data a bit earlier, is now testing resistance at 1.5086. Since breaking above 1.5052 the pair has failed twice to trade below. A break above 1.5086 should bring the pair to 1.5115-20. If Gbp/Usd fails to break above then a pullback to 1.5050-60 is likely.
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| Posted: 30 Mar 2010 01:35 AM PDT UK Final GDP q/q came in at 0.4%, stronger than the 0.3% expected. Y/y came in at -3.1%, stronger than the -3.3% expected. Current account came in at -1.7B, stronger than the -5.1B expected. More strong data out of the UK with Gbp trading near best levels vs Usd and Eur. Currently Gbp/Usd trades at 1.5060 and Eur/Gbp at .8940. |
| Gbp/Usd trades above 200 hour M/A Posted: 29 Mar 2010 11:22 PM PDT Gbp/Usd currently trades above its 200 hour M/A on the heels of postive Nationwide HPI data out of the U.K. If the pair can hold above it may meet some resistance at 1.5052, an area of some old hourly highs. A stronger resistance should be at the 1.5085-90 level. Keep in mid that final quarterly GDP figures come out at 4:30 EST.
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| UK Nationwide House Price Index Posted: 29 Mar 2010 11:07 PM PDT Nationwide HPI m/m came in at 0.7%, stronger than the 0.2% expected and prior reading of -1.0%. Y/y came in at 9.0%, stronger than the 8.2% expected and slightly off the prior reading of 9.2%. Good numbers for GBP as Gbp/Usd trades at 1.5038, just off the session high of 1.5047. |
| Posted: 29 Mar 2010 08:45 PM PDT
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| Japanese Prelim Industrial Production m/m Posted: 29 Mar 2010 05:18 PM PDT Prelim industrial production was worse than expected for February coming in at -0.9% versus its forecast of -0.4% and prior reading of 2.7%. |
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